Discover how teaming up with Attorney Diana L. Telfer and CDFA Chalise R. Westenskow offers more than just legal and financial advice but a comprehensive support system during divorce
CDFAs play a pivotal role in helping couples and their legal representatives craft fair divorce settlements by leveraging their expertise in tax law, asset division, and financial planning. Beyond technical skills, the hallmark traits of a qualified CDFA include humility, empathy, clear communication, and unwavering commitment.
Recently, I had the privilege of interviewing Chalise R. Westenskow, CFP, APMA, CDFA, who exemplifies all these qualities. Both of us share a passion for assisting separating and divorcing couples in navigating their settlements through mediation and collaborative divorce.
Diana: Tell us a bit about yourself and how you became a CDFA.
Chalise: With over 20 years in financial planning, I’ve always enjoyed guiding clients through various aspects of finance. However, it became clear to me that divorced clients faced unique challenges that required specialized support even before settlements were finalized. Money is deeply emotional, particularly for women, who often need an advisor attuned to these nuances—the “softer” side of finances. Understanding the behavioral aspects of finance fascinates me: deciphering what influences clients’ financial decisions during times of overwhelming uncertainty. My role extends beyond numbers; I serve as a reassuring presence during their darkest moments, empowering them through financial education to make informed decisions.
Diana: How do you typically assist clients going through divorce?
Chalise: Prior to mediation, I meticulously review my client’s financial landscape. I develop multiple scenarios for asset division and support, illuminating the tax implications of each option. This preparation ensures my clients understand their financial future post-divorce. At times, I accompany clients to mediation or remain on-call to run financial scenarios as negotiations unfold. By focusing on financial matters, I enable mediators and attorneys to prioritize parenting and other crucial aspects of the divorce process.
Diana: How do clients typically find you?
Chalise: Most individuals going through divorce prefer the impartial guidance of a financial neutral like myself to facilitate fair financial and property resolutions. They often discover me through the Institute of Divorce Financial Analysts’ directory, although referrals from mediators and attorneys are also common.
Diana: What types of clients do you serve?
Chalise: I work with a diverse clientele facing varying financial circumstances. Often, I assist spouses who were less involved in financial matters during marriage, helping bridge knowledge gaps without judgment. From compiling comprehensive financial data to projecting post-divorce budgets, my goal is to empower clients with clarity and confidence in their financial decisions. Even financially savvy individuals seek guidance on complex matters like home equity buyouts or retirement fund allocations, each with distinct tax implications.
Diana: What qualifications are necessary to become a CDFA?
Chalise: Certification from the Institute of Divorce Financial Analysts is essential, providing rigorous training in tax law, estate planning, cash flow analysis, retirement planning, and more. While my extensive experience as a financial planner was invaluable, obtaining the CDFA credential enriched my expertise in divorce planning specifically.
Diana: What are some common challenges your clients face, and how do you help them?
Chalise: Homeownership and mortgage refinancing pose significant challenges amidst rising property values and interest rates. I guide clients through viable options they might not have considered, ensuring clarity amid emotional uncertainty. Similarly, navigating the division of retirement accounts requires meticulous attention to tax implications and survivor benefits, often overlooked in the midst of divorce proceedings. By reviewing tax returns and financial statements, I help uncover hidden assets or fringe benefits that may impact financial settlements.
Diana: What message would you like individuals going through divorce to remember?
Chalise: Money is deeply personal and emotional. Each person’s relationship with money shapes their decisions profoundly. For women especially, financial decisions are often intertwined with their aspirations, self-esteem, and well-being. By empowering clients with knowledge, I aim to demystify finances and foster confident decision-making. Education is key; informed decisions lead to positive outcomes, irrespective of one’s initial familiarity with financial matters.